UM-Flint School of Management honors Larry Nichols with Outstanding Alumni Award

Larry Nichols was out of ideas.

It was 1975, and he had just earned a bachelor's degree in political science and a teaching certificate from the University of Michigan-Flint. But his work with attorneys and school administrators had left him disillusioned. He did not want to spend his career arguing about legal contracts or failing grades. With no backup plan, he did the only thing he could think of: pursue graduate school. That spring, a supportive UM-Flint staffer changed his life forever.

"I said, 'I'm here to get my transcript because I'm trying to go to grad school,'" Nichols said. "And they told me, 'Well, you're not going to get in until at least the fall term. Meanwhile, these two banks are here doing interviews. Would you consider talking to them?'"

Having nothing to lose, Nichols participated in the interviews. Within days, he committed to a two-year management training program for commercial loan officers at Genesee Merchants Bank & Trust Co. The classroom would have to wait, for now.

"I've been pretty darn lucky … it's called serendipity," Nichols said.

Maybe so, but Nichols' upbringing and education had prepared him to seize the moment.

A common story among 'Flintstones'

Nichols' father left school after the third grade to work on the family farm during the Great Depression. His mother left school after the seventh grade because her mother became ill and needed care. These experiences caused Nichols' parents to eventually teach him the values of education and frugality. They encouraged him to live at home rent-free, attend UM-Flint, work part-time, save money and avoid debt. He took their words and lessons to heart.

Between classes at the downtown campus, Nichols worked at Sears in Flint Township collecting past-due loans for 28 hours a week for four years. He also worked several hours a week at the Flint Township Treasurer's Office, temporarily taught a high school class and more.

"I graduated from school with no debt, a car I owned (outright), and I had a job," Nichols said. "I was the richest guy I knew."

What he did not know at the time was that his part-time jobs would become the foundation for a long career in banking rather than politics or teaching.

Continuing to learn on the job

Nichols was relieved to discover that he really enjoyed working in the banking industry. It allowed him to learn about local businesses while helping them overcome financial challenges, all on his own schedule. Then there were the people.

"My regret is I can't spend enough time with them; they're just solid, great people," Nichols said of those he worked with. "I figured out you learn a lot from anybody you care to learn from."

This on-the-job training began with Dick Bagnall, one of Nichols' many mentors. Bagnall was an early riser, so Nichols became one, too.

"I knew I could see him at 6 o'clock in the morning and I would be uninterrupted for an hour," Nichols said. "During that time, he taught me that the way you interact with a business owner is to first understand what's going on in their financial statements so you can have a conversation focused on the activities that created their financial situation."

Mentorship from Bagnall and others helped Nichols learn how to network, generate revenue and lead teams. He also pursued formal education, earning a Master of Business Administration degree from UM-Flint in 1986. This knowledge became crucial in the 1980s and 1990s, an era of bank mergers, acquisitions and layoffs. This consolidation marked the middle of Nichols' career, when he transitioned from Genesee Merchants Bank & Trust Co. to NBD Bancorp to Bank One. He emerged in the 2000s as a senior vice president, first at National City Bank and then at Huntington National Bank. He retired in 2008 after leading Oakland Commerce Bank through the Great Recession as president and chief executive officer.

Back to the classroom

Another lesson that Nichols' parents taught him was, "You need to embrace opportunity, and when that opportunity is spent, there will be another one that comes along." As it happened, his next opportunity came from the same place that provided his first one: UM-Flint.

Nichols returned to campus as a lecturer in 2009 and began by teaching Business 110, or "Business Concepts and Careers." He also taught classes on corporate finance and personal finance, including at the early college level, until retiring from the classroom in December 2024. He continues to serve the university as SOM's executive in residence. In this role, he:

• Identifies internship and career opportunities for students.
• Advises students on business strategy.
• Recruits visiting speakers.
• Helps university colleagues connect with the business community.

Crafting a legacy

Nichols' 17 years as a lecturer and mentor inspired him and his wife, Janet, a 1973 UM-Flint graduate with a bachelor's degree in business administration. Together, they created the Nichols Student Success Fund in 2019. Larry also contributes his time as one of SOM's 18 advisory board members and has previously served as chair. This dedication has inspired his fellow directors for years, leading them to honor Nichols with the school's 2026 Outstanding Alumni Award on April 24.

"It's been a miraculous life," Nichols said, reflecting on his modest childhood. "Not bad for a poor country boy."

Ongoing mentorship

Nichols' goal is to provide students with the same support that he received more than 50 years ago. Students may email him at lrossn@umich.edu to schedule a free appointment. Discussion topics could include business careers, financial statements, personal finance, starting a small business, and ideas for the annual Zillion Solutions Competition.